FIBA Technologies, Inc. and NEW FIELD Industrial Equipment Pvt. Ltd. Announce
the Formation of a Joint Venture to
Manufacture Cryogenic and CNG Equipment in India

Indian-based, NEW FIELD Industrial Equipment Pvt. Ltd. (“NEW FIELD”) and U.S.-based FIBA
Technologies, Inc. (“FIBA”) have united in a joint venture to manufacture cryogenic equipment and CNG
products in India. This 50/50 joint venture will leverage FIBA’s vast experience and knowledge of
cryogenic and CNG equipment and NEW FIELD’s long history of pressure vessel manufacturing and
engineering. The joint venture will be named FIBA NEW FIELD Gas Technology Products Pvt. Ltd. (“FNF
Gas”) and will be headquartered in Vadodara, Gujarat, India. Operations at the company’s facility in
Vadodara will commence in March 2011.

NEW FIELD Industrial Equipment Pvt. Ltd. is a leading engineering company that designs and
manufactures pressure vessels, including ejector & vacuum systems, surface condensers, heat
exchangers, storage vessels, agitated vessels, scrubbers, eductors, gas skids and turn-key projects.
Founded in 1971 and headquartered in Vadodara, Gujarat, India, NEW FIELD is well established and
boasts an existing customer base that includes such companies as Davy Powergas, Humphreys and
Glasgow, Snamprogetti Ltd, Snia Viscosa Ltd, EIL, PDIL, and FEDO. A renowned vendor of a wide range
of ejector systems, NEW FIELD supplies its products to a large number of end users in India and a host
of international customers.

FIBA Technologies, Inc. is a global provider of gas containment equipment and services. Founded in
1958 and headquartered Millbury, Massachusetts, United States, FIBA’s product line includes seamless
pressure vessels, tube trailers, ISO skids, cryogenic and CO2 tanks, ambient vaporizers, and related gas
containment accessories. FIBA supplies products to customers around the world in numerous business
sectors, including the industrial gas, chemicals, specialty gas, offshore oil and gas exploration, and
alternative fuel industries. FIBA's products are manufactured with the highest standards in the industry
and are in compliance with DOT, ISO, or ASME codes as required. The company also offers certification
to numerous other international codes and quality standards, including IMDG, DNV, UN, SELO, and
KGSC.

Key factors in FIBA’s success over the years have been its commitment to quality, focus on innovation,
dedication of employees, and a service-oriented philosophy. These qualities have allowed FIBA to
develop a strong brand name in the gas containment equipment industry. The joint venture strives to
uphold the same level of quality manufacturing that customers have come to know and expect from FIBA.
John Finn Sr., President and CEO of FIBA, states: “We recognize a significant opportunity to supplycryogenic and CNG products in India and the rest of the world. This joint venture allows us to expand our
geographic presence and to manufacture technologically superior products locally in India.”
FNF Gas will be manufacturing and supplying stationary cryogenic tanks, portable cryogenic tanks, CO2
tanks, ambient vaporizers, pressure vessels and related gas containment accessories. The company w

The key business and sales strategies to be adopted by the joint venture company are:

Enable FIBA to further develop the cryogenic equipment market in the United States and Europe
by offering a greater breadth of cryogenic Products.

•

Achieve high productivity by building a state-of-the-art facility with modern equipment and an
efficient plant layout.

John Finn, Sr. states: “We are looking forward to our new relationship and have planned for profitable
growth in the joint venture. We are excited about the potential to expand our cryogenic products in the
Indian and Asian markets. We look forward to working with our Indian partners and expect great
success.”

Sumul Patel, President and CEO of NEW FIELD and also FNF Gas, states: “The JV combines the strong
brand and ethical values of both companies and will deliver quality products to markets in Asia, Europe,
and United States. We plan to serve global customers with high quality, reliable and safe gas containment
equipment. We are delighted to have the opportunity to work with FIBA and welcome them to India.”

WORBUS, a global M&A firm, advised both parties in the transaction. WORBUS specializes in introducing
overseas manufacturers to local Indian companies seeking to introduce new technology to India. The 5
core services of WORBUS are - Advisory, Finance, Investment Banking, Small Business Services, and
Technology Consulting. WORBUS has continually broken new ground in advising their clients on strategic
transactions,swiss replica watches in pioneering the global expansion of finance and capital markets, and in providing new
opportunities for individual and institutional investors.